VARDE PARTNERS INC - 04 Jun 2025 Form 4/A - Amendment Insider Report for NABORS INDUSTRIES LTD (NBR)

Role: 10%+ Owner
Signature: Varde Investment Partners (Offshore) Master, L.P. By: Varde Investment Partners G.P., L.P., its GP By: Varde Investment Partners UGP, LLC, its GP By: Varde Partners, L.P., its Managing Member By: Varde Partners, Inc., its GP /s/ Andrew Malone, GC
Issuer symbol: NBR
Transactions as of: 04 Jun 2025
Net transactions value: $0
Form type: 4/A - Amendment
Filing time: 02 Sep 2025, 16:30:21 UTC
Date Of Original Report: 22 Jul 2025
Previous filing: 18 Mar 2025
Next filing: 15 Sep 2025
SEC: View on sec.gov

Reporting Owners (5)

Name	Relationship	Address	Signature	Signature date	CIK
VARDE PARTNERS INC	10%+ Owner	C/O VARDE PARTNERS, INC., 520 MADISON AVE, 34TH FLOOR, NEW YORK	Varde Investment Partners (Offshore) Master, L.P. By: Varde Investment Partners G.P., L.P., its GP By: Varde Investment Partners UGP, LLC, its GP By: Varde Partners, L.P., its Managing Member By: Varde Partners, Inc., its GP /s/ Andrew Malone, GC	02 Sep 2025	0001054846
Varde Investment Partners (Offshore) Master, L.P.	10%+ Owner	C/O VARDE PARTNERS, INC., 520 MADISON AVE, 34TH FLOOR, NEW YORK	Varde Credit Partners Master, L.P. By: Varde Credit Partners G.P., L.P., its GP By: Varde Credit Partners UGP, LLC, its GP By: Varde Partners, L.P., its Managing Member By: Varde Partners, Inc., its GP /s/ Andrew Malone, GC	02 Sep 2025	0001705023
Varde Credit Partners Master, L.P.	10%+ Owner	C/O VARDE PARTNERS, INC., 520 MADISON AVE, 34TH FLOOR, NEW YORK	Varde Investment Partners, L.P. By: Varde Investment Partners G.P., L.P., its GP By: Varde Investment Partners UGP, LLC, its GP By: Varde Partners, L.P., its Managing Member By: Varde Partners, Inc., its GP /s/ Andrew Malone, GC	02 Sep 2025	0001744511
VARDE INVESTMENT PARTNERS LP	10%+ Owner	C/O VARDE PARTNERS, INC., 520 MADISON AVE, 34TH FLOOR, NEW YORK	The Varde Skyway Master Fund, L.P. By: Varde Skyway Fund G.P., L.P., its GP By: The Varde Skyway Fund UGP, LLC, its GP By: Varde Partners, L.P., its Managing Member By: Varde Partners, Inc., its GP /s/ Andrew Malone, GC	02 Sep 2025	0001452534
Varde Skyway Master Fund, L.P.	10%+ Owner	C/O VARDE PARTNERS, INC., 520 MADISON AVE, 34TH FLOOR, NEW YORK	Varde Partners, Inc. /s/ Andrew Malone, GC	02 Sep 2025	0001704946

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	NBR	Option (Obligation to sell)	Expiration of short derivative position	$0	-3,745	-100%	$0.000000	0	18 Jul 2025	Common Shares	374,500		See footnotes	F1, F2, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	This amendment is being filed solely to report disgorgement by the Reporting Persons to the Issuer, pursuant to Rule 16b-6(d), of $833,738, representing the aggregate premiums received for writing call options that, as reported on the Form 4 filed by the Reporting Persons on July 22, 2025 (the "Original Form 4"), expired within six months of writing. In this regard, 2,743 NBR US Call 35 option contracts written by the Reporting Persons with a VWAP of $248 (not $249 as reflected in the Original Form 4) and 1,002 NBR US Call 40 option contracts written by the Reporting Persons with a VWAP of $153 (not $154 as reflected in the original Form 4), expired on July 18, 2025, which was within six months of writing.
F2	Varde Investment Partners G.P., L.P. ("VIP GP") is the general partner of each of Varde Investment Partners (Offshore) Master, L.P. and Varde Investment Partners, L.P., and Varde Investment Partners UGP, LLC ("VIP UGP") is the general partner of VIP GP. Varde Credit Partners G.P., L.P. ("Credit Partners GP") is the general partner of Varde Credit Partners Master, L.P., and Varde Credit Partners UGP, LLC ("Credit Partners UGP") is the general partner of Credit Partners GP. The Varde Skyway Fund G.P., L.P. ("Skyway GP") is the general partner of The Varde Skyway Master Fund, L.P., and The Varde Skyway Fund UGP, LLC ("Skyway UGP") is the general partner of Skyway GP. Varde Partners, L.P. ("VPLP") is the managing member of Credit Partners UGP, VIP UGP, and Skyway UGP. Varde Partners, Inc. ("General Partner") is the general partner of VPLP.
F3	Each of the Reporting Persons disclaims beneficial ownership except to the extent of their pecuniary interest therein, and the filing of this Form 4 shall not be construed as an admission that any Reporting Person is the beneficial owner of any or all of the reported securities for the purposes of Section 16 or for any other purpose.